UBS Asset Management has appointed Joseph Azelby as head of its $100 bn (€89 bn) global real estate and private markets business.
Azelby will be based in New York and report to Ulrich Koerner, president of UBS Asset Management and UBS Group EMEA. He succeeds Thomas Wels who has been appointed divisional vice chairman of UBS Asset Management.
Most recently, Azelby was a senior partner and head of real assets at Apollo Global Management, where he helped to reshape the real estate business and explore expansion opportunities in the infrastructure and agriculture sectors.
He was also CEO of JP Morgan's Global Real Assets business for 18 years, building a platform which spanned private and public real estate, infrastructure as well as maritime investments across the US, Europe and Asia Pacific.
Commenting on the appointment, Koerner said: ‘Joe brings extensive experience in establishing and growing global businesses. His appointment reflects our commitment to further expand our leading REPM franchise, with a clear focus on developing innovative products and delivering attractive returns for our clients.’
UBS AM’s REPM’s platform operates out of 14 countries with over 550 employees worldwide.